VISHAY ANNOUNCES A RECORD $.51 PER SHARE AND A
26 PERCENT INCREASE IN NET EARNINGS FOR THE SECOND QUARTER
MALVERN, Pa., Aug. 5 /PRNewswire/ -- Dr. Felix Zandman, chairman and chief executive officer, announced today that Vishay Intertechnology, Inc. (NYSE: VSH) reported increases in sales and net earnings for the second quarter of calendar 1992 due mainly to the acquisition of certain businesses of Sprague.
In the three months ended June 30, 1992, sales were $168,494,000 compared with $114,995,000 in the previous year's quarter. Net earnings increased to a record $8,515,000 or $.51 per share compared with $6,745,000 or $.41 per share in the previous year's quarter.
In the six months ended June 30, 1992, sales were $341,764,000 compared with $236,115,000 in the Net earnings increased to a record $15,610,000 or $.95 per share compared with $13,667,000 or $.84 per share in the year earlier period.
Earnings per share for both periods is based on the weighted average number of common shares and dilutive common equivalent shares (from the assumed conversion of convertible subordinated debentures) outstanding during the period. Earnings per share for both periods reflects a 5 percent stock dividend paid on June 16, 1992.
Commenting on the results for the quarter, Zandman stated: "We are pleased to report better than expected earnings from the acquired businesses of Sprague Technologies, Inc. as a result of improved operating income primarily due to the reduction of sales and administrative expenses. Some aspects of the Sprague restructuring are proceeding ahead of plan. In addition, we anticipate future reductions in manufacturing costs at Sprague by shifting some jobs to lower labor cost locations. We are quite confident that the present operating income levels and future cost reductions at Sprague will result in substantial increases in the profitability of Vishay."
Zandman also noted: "This quarter's results included consulting fees of approximately $700,000 from Roederstein GmbH, a major European capacitor manufacturer. As previously announced, Vishay acquired a 19 percent interest in Roederstein and has an option to acquire the remaining 81 percent within 18 months. Due to its association with Vishay, Roederstein is presently implementing substantial cost reduction programs which will add to Vishay's future earnings if we exercise our option."
Vishay Intertechnology, Inc. is a leading U.S. and European producer of a wide range of electronic resistors, resistive sensors and tantalum capacitors. It also is a major producer of other types of passive electronic components. The company's products are used in a broad range of industries.
VISHAY INTERTECHNOLOGY, INC.
(Unaudited)
Three months ended June 30 1992 1991
Sales $168,494,000 $114,995,000
Earnings before income taxes 10,945,000 9,500,000
Income taxes 2,430,000 2,755,000
Net earnings 8,515,000 6,745,000
Net earnings per share (A) $.51 $.41
Average shares outstanding (A) 18,398,000 18,391,000
Six months ended June 30 1992 1991
Sales $341,764,000 $236,115,000
Earnings before income taxes 20,405,000 19,605,000
Income taxes 4,795,000 5,938,000
Net earnings 15,610,000 13,667,000
Net earnings per share (A) $.95 $.84
Average shares outstanding (A) 18,398,000 18,384,000
(A) Earnings per share is based on the weighted average number of common shares and dilutive common equivalent shares (from the assumed conversion of convertible subordinated debentures) outstanding during the period. Net earnings used in these computations are adjusted for interest expense, net of income taxes, on the convertible subordinated debentures. Earnings per share amounts for both periods reflect a 5 percent stock dividend paid on June 16, 1992.
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/CONTACT: Sharon L. Vinette, vice president and treasurer of Vishay Intertechnology, 215-644-1300/
(VSH) CO: Vishay Intertechnology, Inc. ST: Pennsylvania IN: CPR SU: ERN

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